Avalanche On The Verge: Will AVAX Break Out And Reach $65?

Christian Encila

1 year ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The high transaction speeds of Avalanche (AVAX), the smart contracts platform, are causing buzz in the cryptocurrency space. Analysts are looking for a possible breakout that can drive AVAX to fresh highs as a recent price drop seems almost to be over. Experts warn a dose of cautious optimism before investors go on the bandwagon among the optimistic whispers, though.

A Consolidation Phase Hints At Breakout Potential

Analyses of AVAX’s present price movement have them riveted on their charts. Often preceding a bullish breakout, the coin is consolidating inside a declining wedge formation technically. Prominent crypto expert Worlds Of Charts notes that this consolidation points to a good comeback following a past downturn.

$Avax

Consolidating In Falling Wedge Chart Pattern Seems Like Healthy Correction Has Almost Completed Now Getting Ready For Breakout & Preparing For Bullish Continuation Expecting Move Towards 60-65$ In Case Of Successful Breakout #Crypto #Avax pic.twitter.com/XafWguyk8w

— World Of Charts (@WorldOfCharts1) July 1, 2024

The expert said that one important clue AVAX may be coiling up for a strong upward surge is the declining wedge. Should the breakout materialise, Worlds of Charts projects a price explosion towards the $60-$65 level.

Supporting this view, well-known crypto prediction tool CoinCodex presents a more forceful projection. Their figures show an astonishing 227% rise for AVAX, which drives the price to a high $91.46 by August 2, 2024.

On-Chain Metrics Reveal Investor Confidence

On-chain data from IntoTheBlock, meantime, shows investor confidence. With over half (51%) of AVAX holders in profit right now, AVAX has a good long-term prognosis.

Some 45% of investors have kept onto their AVAX for more than a year, showing a dedication to the long-term goal of the project. This helps to boost confidence even further.

Another interesting observation is the surge of big investors, also known as whales, in the AVAX ecosystem. With a major 72% of the circulating supply, these whales help to create stability. Whale activity may have a big influence on price swings; their ongoing AVAX investment shows they recognise the platform’s possibilities.

Avalanche is now trading at $27.20. Chart: TradingView

A Call For Measured Optimism

The recent price decline also reminds us of the natural volatility in the crypto industry. A definite breakthrough is still to be observed even if the declining wedge pattern points to a possible reversal. Under rigors examination and with a properly defined investment plan,

Avalanche could be about to surge significantly. For now, nevertheless, investors are advised to use prudence and against being carried away by the wave of positive excitement.

Featured image from Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.